If you are reading this article then you’re probably wondering what is the recovery loan scheme application deadline.
Buckle up because I will answer those questions for you.
The scheme is here to help entrepreneurs & business owners during these difficult circumstances.
The Recovery Loan Scheme is the replacement of the Bounce Back Loan Scheme (BBL) loans and the Coronavirus Business Interruption Loan Scheme (CBILS) loans that will finish on March 31 2021.
What Is the Recovery Loan Scheme?
The Recovery Loan Scheme is a new loan scheme to give access to finance for UK business as they grow and recover from these trying times.
This new scheme is set to take over with loans from £25,000 up to £10 million. The scheme will run from early April 6th 2021 until December 31st 2021 at which point they will evaluate if it needs to continue.
I made an article all about the ins and outs of the recovery loan scheme. Should you get one, are you eligible to get one if you got a bounce back loan, can you get one, all of this stuff’s really important to know.
Recovery Loan Scheme Deadline
The recovery loan scheme launches on April 6, 2021 and runs until December 31, 2021.
Although it runs until 31st December, I feel it will be extended as its going to take some businesses a while to recover. Previously the Bounce Back Loan Scheme was extended a couple of times to give business owners more time to apply.
Until UK businesses are back to normal the government is going to do everything in its power to keep them funded.
The Recovery Loan Scheme is not quite as good as the Bounce Back Loan Scheme. This is because the Bounce Back Loans, they had a low interest rate of 2.5%.
Some lenders may also be a little stricter due to the Government only guaranteeing 80% of the payment.
Pro Tip: You need to start preparing and getting things organised ahead of time to avoid difficulty applying for one. You need to get your business’ paperwork organised to apply for the loan scheme on time. Get your outstanding filing done with companies house and make sure your accounts are up to date.
What do you think about the recovery loan scheme?
Have you had hesitations whether you’re thinking about getting one or not?
Let me know in the comments section!